When starting a new game, after selecting difficulty you will be informed of the saved data bonuses and asked if you want to import save data from the two games. If you have the requested save data, simply hit yes and the game will do all the work for you.
Memories of Celceta save data gives:
DEF +10, HP +200, Resist Curse
Ys VII: Lacrimosa of Dana save data awards:
Old Seal Ring
STR/DEF +15, Critical Rate +30%
Copy to C:\Users\*user name*\Saved Games\FALCOM